The new week has begun with a slight correction of the market as most of the coins are in the red zone. Bitcoin (BTC) and Ethereum (ETH) are the only exceptions to the rule.
BTC/USD
Over the past weekend, the Bitcoin (BTC) price consolidated in a sideways range with support around $54,000. At the end of last week, there were several attempts by bulls to break above the resistance of the $55,288 level, but all of them ended with a pullback to the support area of $54,000.
Late Sunday night, there was a sharp rise in volatility on the Bitstamp exchange. In a short period of time, the BTC price broke out to a monthly high around the $56,500 mark, and then a rather large transaction took place at a price of $51,000. Such a low price is not a market price and is not recorded anywhere on other exchanges.
As of this morning, the Bitcoin (BTC) price has again recovered above the 78.6% Fibonacci level, but the purchase volumes are very low. If the bulls manage to unleash the rush demand, then the retest of the resistance of $58,000 remains, as before, relevant.
Bitcoin is trading at $57,258 at press time.
BNB/USD
Binance Coin (BNB) could not follow the price action of Bitcoin (BTC) as the rate of the native exchange coin has declined by 0.67%.
On the daily chart, Binance Coin (BNB) is trying to fix above the vital mark of $400. The slight growth is not supported by a high trading volume, which means that buyers are not ready for a breakout.
If today's daily candle fixes around the current price, there is a chance to see a continued rise to the zone of $500.
BNB is trading at $417.90 at press time.
ADA/USD
The rate of Cardano (ADA) has gone down by almost 2% over the last 24 hours.
Cardano (ADA) remains trading in a narrow range with no vivid bullish or bearish signals. One may expect sellers' dominance if the price fixes below the $1.99 mark. However, if buyers seize the initiative, the rise may lead the price to the resistance around $3.10.
ADA is trading at $2.21 at press time.
DOGE/USD
DOGE is the biggest loser today as its rate has fallen by 4.44% since yesterday.
DOGE is trading similarly to Cardano (ADA) as it is also located in a sideways trend. In this case, the more likely scenario is the test of the liquidity zone around $0.2445, followed by a slight drop to $0.22.
DOGE is trading at $0.2351 at press time.
Alex Dovbnya
Arman Shirinyan